Question: 1. Using the information below, prepare a vertical analysis for the income statement for 2017. 2. Using the information below, prepare a horizontal analysis of

1. Using the information below, prepare a vertical analysis for the income statement for 2017.

2. Using the information below, prepare a horizontal analysis of the income statement from 2017.

Artie's Painting
Income Statement
For the Years Ending December 31, 2016 and 2017
2017 2016
Net sales $24,789 $23,642
Cost of goods sold 15,323 14,239
Gross profit 9,466 9,403
Operating expenses 3,873 3,702
Net income 5,593 5,701

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